***Summary of FOMC views - SocGen see FOMC.....>

FOMC: ***Summary of FOMC views

- SocGen see FOMC announce plans to reduce its balance sheet. Statement to keep

Dec rate hike in play and dots reiterate median expectations of 3 hikes in 2018.

- Nomura "expect the median longer-term federal funds rate to tick down below 3%

as members revise down their views of the terminal rate". Only minor changes in

Statement language.

- LBBW see "the reinvestment cap for maturing Treasury securities will start at

$6bln and increase by $6bln increments every three months until reaching $30bln.

For mortgage securities, the suggested cap starts at $4bln and rises in $4bln

increments to $20bln."

- Jefferies believe the Fed will announce a beginning of balance sheet

normalization for mid-Oct and see "No change in rate policy implementation or

guidance". But, the see Yellen remaining "indecisive about rate normalization"

and highlight the hurricanes. 

- HSBC. 'Dots' are the most important today and see downward adjustments but

keeping a Dec 2017 hike in the median is a "close call".